Dublin based convenience food group Greencore has said that it performed well against its organisational, commercial, operational and financial objectives in what were continued challenging trading conditions.
In a trading update for the 13 weeks to December 28, the company said its revenue from continuing operations reached £363.5m in its first fiscal quarter.
The company noted that growth in the first quarter was driven by its activities in the food-to-go categories.
Greencore said that although it believes the risks from Brexit are manageable in the medium-term, the near-term challenges associated with a ‘no withdrawal agreement’ are uncertain.
But it added that its strengthened balance sheet and strong underlying free cash generation leaves it well positioned to consider organic and inorganic investment consistent with its strategic and returns objectives.
"Over the medium term, the group expects that its market positioning, capability set, customer profile, well invested asset network and proven economic model will generate strong growth, cash generation and returns," Greencore added.
Greencore in December announced its intention to return up to £509m by way of a tender offer, at a price of 195 pence per ordinary share.
The company is seeking shareholder approval for the tender offer at today's AGM.